Abu Dhabi is preparing to ship higher volumes of its flagship Murban crude in April, according to two trading sources on Friday, further adding to the already abundant supply from Middle Eastern producers.
The state-run Abu Dhabi National Oil Co (ADNOC) has made extra cargoes available to partners involved in the country’s onshore concession, the sources noted. However, the exact scale of the additional Murban volumes has yet to be determined.
Shareholders in ADNOC Onshore, the producer of Murban crude, include BP, TotalEnergies, China National Petroleum Corp, Inpex, Zhenhua Oil and South Korea’s GS Energy. These partners are collectively entitled to roughly 40% of the grade’s output, which stands at about 2 million barrels per day.
ADNOC, CNPC, Inpex, Zhenhua Oil and GS Energy did not immediately respond to requests for comment from Reuters, while BP and TotalEnergies declined to provide a statement.
Bloomberg News first reported on the planned increase in Murban shipments earlier on Friday, citing unnamed sources familiar with the matter.
Saudi Arabia is also ramping up oil production and exports as part of a contingency strategy in the event that potential U.S. military action against Iran disrupts regional supply. The anticipated output increases from both Saudi Arabia and the United Arab Emirates come ahead of Sunday’s OPEC+ meeting, where the alliance is expected to discuss a possible production hike of 137,000 barrels per day for April, following a pause in increases during the first quarter, sources said.
The additional Murban supply has pressured spot crude premiums, which fell over the past week to below $2 per barrel above Dubai benchmark prices for April-loading cargoes.
